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Intangible Assets | 3 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS: Intangible assets are comprised of the following:
| Weighted Average Amortization Period |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
At June 30, 2023 |  |  |  |  |  |  |  |  |  |
Intangibles subject to amortization: |  |  |  |  |  |  |  |  |  |
Customer relationships | 20 years |  | $ | 11,800 |  |  | $ | 1,229 |  |  | $ | 10,571 |
Technology and technical know-how | 20 years |  |  | 10,100 |  |  |  | 1,052 |  |  |  | 9,048 |
Backlog | 4 years |  |  | 3,900 |  |  |  | 3,162 |  |  |  | 738 |
|  |  | $ | 25,800 |  |  | $ | 5,443 |  |  | $ | 20,357 |
Intangibles not subject to amortization: |  |  |  |  |  |  |  |  |  |
Tradename | Indefinite |  | $ | 6,700 |  |  | $ | — |  |  | $ | 6,700 |
|  |  | $ | 6,700 |  |  | $ | — |  |  | $ | 6,700 |
Technology and technical know-how and Customer relationships are amortized in Selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in Cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $446 and $619 for the three months ended June 30, 2023 and 2022, respectively. The estimated annual amortization expense by fiscal year is as follows:
|  | Annual Amortization |
Remainder of 2024 |  | $ | 1,336 |
2025 |  |  | 1,318 |
2026 |  |  | 1,095 |
2027 |  |  | 1,095 |
2028 |  |  | 1,095 |
2029 and thereafter |  |  | 14,418 |
Total intangible amortization |  | $ | 20,357 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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